Indication Investments Ltd
Cyprus Securities and Exchange Commission (CySEC) · Reference 164/12 1
Authorised Verified on register, 5 Oct 2026
Libertex
Libertex is a CFD trading brand. EU clients deal with Indication Investments Ltd, licensed by CySEC since 2012; international clients of the Forex Club site deal with Forex Club International LLC in St Vincent and the Grenadines, which names no licence.
Research-based assessment This profile has not completed TTI’s on-site verification and 30-day platform review. How TTI verification works
Verified licences
| Regulator | Licence | Legal entity | Register status | Source |
|---|---|---|---|---|
| Cyprus Securities and Exchange Commission (CySEC) | 164/12 | Indication Investments Ltd | Authorised Checked 5 Oct 2026 | Register entry for Indication Investments Ltd (opens in a new tab) 1 |
Each licence was matched on the regulator’s own register on the date shown. Unverified claims are listed under Regulation and legal entities.
Assessment summary
Libertex’s EU company, Indication Investments Ltd, is licensed by CySEC, but CySEC partially suspended that licence in August 2021 over suspected breaches of the retail CFD rules and the duty to treat clients fairly, lifting it three weeks later, and settled with the company for EUR 160,000 in 2020 over best execution and leverage limits. The EU company’s published terms provide segregated client money, negative balance protection, leverage within the EU limits and access to the Financial Ombudsman, but its risk warning shows two different shares of losing accounts. Internationally, Libertex is run by Forex Club International LLC in St Vincent and the Grenadines, which names no licence and publishes no terms we could find, and a Forex Club company was the subject of a 2017 Brazilian stop order. We found no record of who owns the group.
Key positives
- Regulatory claims on the website are accurate 123467
The licence and registrations Libertex’s site claims, CySEC licence 164/12, a BaFin-registered representative office in Munich and a German cross-border registration, all match the registers. The Forex Club page claims no licence.
- Clients can tell which regulated entity serves them 268
Libertex’s EU site and client agreement name Indication Investments Ltd, its CySEC licence and the clients it serves in the European Economic Area and Switzerland, and the Forex Club page names Forex Club International LLC as the operator of the international site.
- Client money segregation is disclosed 28
The EU client agreement places client money in segregated client accounts with financial institutions. We found no terms for the international company.
- Authorisations are current and unrestricted 15
The Cyprus licence is current; CySEC’s 2021 partial suspension was lifted the same month.
- Retail clients have negative balance protection 28
The EU client agreement provides negative balance protection: clients cannot lose more than they deposit. We found no terms for the international company.
Key concerns
- CySEC partially suspends Libertex’s Cyprus licence over CFD marketing and client treatment concerns 515
Reduced the enforcement dimension by 12.5 points (high severity, 5.2 years before the review, counted at half weight).
- CySEC settles with Indication Investments for EUR 160,000 over best execution and CFD leverage limits 16
Reduced the enforcement dimension by 2.5 points (moderate severity, 6.6 years before the review, counted at a quarter of its weight).
- Brazil’s CVM orders Forex Club International Limited to stop offering services to Brazilian residents 17
Reduced the enforcement dimension by 2.5 points (moderate severity, 9 years before the review, counted at a quarter of its weight).
- Client-facing entities appear on the regulator’s register 1234
Partly met We matched Indication Investments Ltd, which operates libertex.com, on CySEC’s register, and BaFin lists its German representative office and cross-border notification. The international Libertex site is run by Forex Club International LLC in St Vincent and the Grenadines, which names no licence.
- Complaint data is disclosed 1119
Not met Libertex’s list of documents and reports page include no complaint statistics, and it has no UK company, so no regulator or ombudsman publishes figures for it.
Breakdown by dimension
Each dimension is scored from its criteria, then weighted. Dimensions without enough evidence are left out and the remaining weights are rescaled. Open a dimension to see every criterion, our rationale and the sources.
Regulatory status and licence verification 26% of score Whether the firm’s licences exist, are current and cover what it offers.
- Partly met
Client-facing entities appear on the regulator’s register 1234
We matched Indication Investments Ltd, which operates libertex.com, on CySEC’s register, and BaFin lists its German representative office and cross-border notification. The international Libertex site is run by Forex Club International LLC in St Vincent and the Grenadines, which names no licence.
- Met
- Partly met
- Met
- Met
Clients can tell which regulated entity serves them 268
Libertex’s EU site and client agreement name Indication Investments Ltd, its CySEC licence and the clients it serves in the European Economic Area and Switzerland, and the Forex Club page names Forex Club International LLC as the operator of the international site.
Criteria and their weighting are explained in the methodology.
Corporate transparency and ownership 13% of score Whether you can find out who owns and runs the firm.
- Partly met
- Not determined
- Partly met
- Partly met
Directors or senior managers are identified 2910
The Cyprus company’s 2024 disclosures name its board: executive directors Andrey Nikolaev and Michael Karl Geiger, whom the site names as Libertex CEO, and independent directors Marinos Gialeli and Thomas Xydas. We found no management named for the international company.
- Partly met
Criteria and their weighting are explained in the methodology.
Client fund protections and disclosed safeguards 13% of score What protects client money if something goes wrong.
- Met
- Met
- Partly met
- Not met
- Partly met
Criteria and their weighting are explained in the methodology.
Enforcement and substantiated adverse findings 13% of score Regulator warnings, enforcement actions and final legal findings on record.
Starts at 100 and loses points for each substantiated adverse finding by severity and age. Allegations, complaints and clone warnings never count. Total deducted: 17.5 points.
- Met
- Enforcement action
- Enforcement action
CySEC settles with Indication Investments for EUR 160,000 over best execution and CFD leverage limits 16
9 Mar 2020. Reduced the enforcement dimension by 2.5 points (moderate severity, 6.6 years before the review, counted at a quarter of its weight).
- Enforcement action
Brazil’s CVM orders Forex Club International Limited to stop offering services to Brazilian residents 17
4 Oct 2017. Reduced the enforcement dimension by 2.5 points (moderate severity, 9 years before the review, counted at a quarter of its weight).
Criteria and their weighting are explained in the methodology.
Complaint handling and documented resolutions 8% of score How the firm handles complaints, and what independent records show.
- Partly met
A complaints procedure is published 819
The client agreement explains how to raise a query by live chat, email or telephone, usually resolved within five business days, and how to make a formal complaint to the compliance department by email, but we could not read a current copy of the full complaints procedure it refers to.
- Partly met
- Not determined
Independent complaint outcomes show no adverse pattern 18
We found no published ombudsman decisions about Libertex’s companies.
- Not met
Criteria and their weighting are explained in the methodology.
Trading terms and operational transparency 8% of score Whether costs, execution and risks are disclosed before you sign up.
- Partly met
Costs are disclosed before account opening 21420
The terms and fees page lists commission from 0.0% depending on the asset, overnight swaps, a currency conversion charge of up to 0.3%, a EUR 10 monthly inactivity fee after 180 days and withdrawal fees, but spreads and swap rates by instrument are only shown in the trading platform, and we found no costs for the international company.
- Partly met
An order execution policy is published 81921
The client agreement says Indication Investments is the counterparty and sole execution venue for CFD orders, and its 2024 execution quality statement explains the execution factors and how it pays its liquidity providers, but we could not read a current copy of the order execution or conflicts of interest policies.
- Partly met
- Partly met
Leverage and margin terms are disclosed 281422
The terms and fees page gives retail leverage by asset class, from 1:30 on major currency pairs to 1:2 on cryptocurrencies, and the terms set a 50% margin close-out and stop-out level, but we found no leverage for professional clients or for the international company.
- Partly met
Criteria and their weighting are explained in the methodology.
Public disclosures and communication 4% of score Whether public claims hold up and the firm communicates openly.
- Partly met
Marketing claims are accurate and attributable 369
Libertex’s regulatory claims match CySEC’s and BaFin’s registers, and its about page names two of its awards with their organisers and years, but the site also claims more than 45 awards, more than 5 million users and the #1 professional trading platform without a source.
- Partly met
- Partly met
Material changes are communicated 820
Libertex gives written notice of changes to its agreement with the date they take effect and lets clients end it first, with at least 15 business days’ notice of fee changes and 5 of margin changes, and its site announced its exit from the UK, but it sets no minimum notice for other changes.
Criteria and their weighting are explained in the methodology.
On-site office verification 5% of score What our visit confirmed in person: a real, staffed office of the assessed entity, not a ghost address.
We have not checked this firm’s office in person, so this dimension scores zero. We check offices through our on-site verification programme.
- Not met
Real office at the stated address, not a ghost address
- Not met
Office of the assessed entity
- Not met
Staffed and operating
Criteria and their weighting are explained in the methodology.
On-site assessment and platform testing 10% of score What our on-site checks and 30-day platform testing found.
We have not completed an on-site assessment of this firm, so this dimension does not count and its weight is shared among the others.
- Not determined
Company identity
- Not determined
Regulatory claims
- Not determined
Office visit
- Not determined
Account opening
- Not determined
Platform usability
- Not determined
Costs and disclosures
- Not determined
Customer support
- Not determined
Deposits and withdrawals
- Not determined
Trading functions
- Not determined
Complaints process
Criteria and their weighting are explained in the methodology.
Regulation and legal entities
A brand can trade through several companies, each licensed in a different place with different protections. Check which entity your account would be with.
Forex Club International LLC
No licence recorded for this entity.
Libertex International Company LLC
No licence recorded for this entity.
Holcomb Finance Limited
No licence recorded for this entity.
Dated findings
Warnings, enforcement actions, legal findings, allegations and complaint records are labelled separately. What each label means.
Enforcement action Concluded
CySEC partially suspends Libertex’s Cyprus licence over CFD marketing and client treatment concerns 515
On 3 August 2021 CySEC partially suspended the licence of Indication Investments Ltd, which operates Libertex in the EU, citing suspected breaches of the restrictions on marketing and selling CFDs to retail clients, organisational requirements, the duty to act in clients’ best interests and the duty to give fair, clear and not misleading information. It barred the company from taking new clients and advertising. CySEC lifted the suspension on 23 August 2021 after the company complied.
Enforcement action Settled
CySEC settles with Indication Investments for EUR 160,000 over best execution and CFD leverage limits 16
On 9 March 2020 CySEC agreed a settlement of EUR 160,000 with Indication Investments Ltd for possible breaches of best execution and organisational requirements and of ESMA’s temporary restrictions on CFDs for retail clients, including the 1:30 leverage limit and margin close-out protection, found in an on-site investigation in November 2018. CySEC announced it on 29 May 2020.
Enforcement action Concluded
Brazil’s CVM orders Forex Club International Limited to stop offering services to Brazilian residents 17
The CVM’s dataset records Ato Declaratório 15.912 of 4 October 2017 against Forex Club International Limited, a stop order on offering securities intermediation services in Brazil. Libertex’s international site is now operated by Forex Club International LLC. An earlier order of 2009 against Forex Club companies is more than ten years old.
Company response
Firms can respond to their profile and to any finding. No response has been published for Libertex. How firms can respond.
Assessment history
| Review date | Result | Methodology | Status |
|---|---|---|---|
| 7 Oct 2026 | Trust score 75 out of 100 Sound | 1.2 | Current |
Corrections and updates
No corrections have been made to this profile.
Sources
- 1 CySEC register: Indication Investments Ltd (opens in a new tab)
Licence 164/12 granted on 31 January 2012, company registration 290930, addresses 116 Gladstonos Street, Michael Kyprianou building, and 10 Agiou Athanasiou, Ksenos building, Limassol. Approved domains libertex.com and www.libertex.de. Services: reception and transmission of orders, execution of orders and dealing on own account in all instrument classes, with safekeeping and credit as ancillary services.
- 2 Libertex page of Forex Club (opens in a new tab)
States that Libertex is a trademark of Libertex International Company LLC, that libertex.fxclub.org is operated by Forex Club International LLC, registered in St Vincent and the Grenadines (1277 LLC 2021), and that Holcomb Finance Limited of Cyprus (HE 183254) accepts and returns client payments for it. Names no licence.
- 3 BaFin company database: Indication Investments Limited, Repräsentanz Deutschland (opens in a new tab)
Lists the German representative office of Indication Investments Limited at Maximilianstraße 2, 80539 Munich, BaFin ID 10161686, Bak number 161686.
- 4 BaFin company database: Indication Investments Ltd (opens in a new tab)
Lists Indication Investments Ltd, BaFin ID 10128281, as a cross-border investment services provider notified by its home regulator. A notification received on 14 June 2012 ended on 3 August 2021, and a new one was received on 30 August 2021. BaFin notes that it does not supervise the company, and records its address as 116 Gladstonos Street, Limassol.
- 5 CySEC decision: recall of the suspension of Indication Investments Ltd (opens in a new tab)
Announced on 23 August 2021: CySEC lifted the partial suspension after being satisfied that the company had complied with the relevant rules, having stopped taking new clients, stopped marketing and published a notice of the suspension on its websites.
- 6 Libertex homepage (archived copy) (opens in a new tab)
An archived copy, taken on 5 October 2026, of libertex.com. The risk warning banner says 83% of retail investor accounts lose money when trading CFDs with this provider in its full text and 79% in its collapsed form. The footer says Libertex is a trading platform used by Indication Investments Ltd, regulated by CySEC under licence 164/12, which serves the European Economic Area and Switzerland and has a representative office in Germany registered with BaFin (BaFin ID 10161686). The page calls Libertex an award-winning platform and MetaTrader 4 the #1 professional trading platform. Libertex’s own sites refused our automated requests, so we read the copy kept by the Internet Archive.
- 7 Libertex: imprint (archived copy) (opens in a new tab)
An archived copy, taken on 9 June 2026, of Libertex’s imprint. It names Indication Investments Ltd, registration number HE290930 and VAT number CY10290930F, with its head office at 10 Agiou Athanasiou, Ksenos building, 6th and 7th floor, 4105 Limassol, a representative office at Maximilianstrasse 2, 80539 Munich registered with BaFin (BaFin ID 10161686), Cyprus and German telephone numbers and an email address, and lists CySEC licence 164/12 and a German cross-border registration (BaFin ID 10128281). Libertex’s own sites refused our automated requests, so we read the copy kept by the Internet Archive.
- 8 Libertex CFDs trading client agreement, version 2.0 (archived copy) (opens in a new tab)
An archived copy, taken on 31 January 2026, of the client agreement for CFD accounts with Indication Investments Ltd, registration HE 290930, CySEC licence 164/12, registered office 82 Archiepiskopou Makariou III, Mesa Geitonia, 4003 Limassol. It provides negative balance protection, makes the company the counterparty and sole execution venue for client orders, limits retail leverage to 1:30, applies a 50% margin close-out, sets withdrawal conditions and an inactivity fee, places client money in segregated accounts with financial institutions it does not name, gives written notice of changes (at least 15 business days for fees and 5 for margin and stop-out levels), and lets clients refer unresolved complaints to the Financial Ombudsman. Libertex’s own sites refused our automated requests, so we read the copy kept by the Internet Archive.
- 9 Libertex: about us (archived copy) (opens in a new tab)
An archived copy, taken on 21 July 2026, of Libertex’s about page. It says Libertex is part of the Libertex Group, founded in 1997, claims more than 45 awards, naming “Best Global Broker” (Ultimate Fintech Awards, 2025) and “Most Trusted Broker” (European CEO Awards, 2024), and more than 5 million users, names Michael Geiger as Libertex CEO and links to the Cyprus company’s prudential reports. Libertex’s own sites refused our automated requests, so we read the copy kept by the Internet Archive.
- 10 Indication Investments Ltd: disclosures and market discipline report 2024 (archived copy) (opens in a new tab)
An archived copy, taken on 8 February 2026, of the Cyprus company’s prudential disclosures for the year to 31 December 2024, dated April 2025. It names the board: executive directors Andrey Nikolaev and Michael Karl Geiger and independent non-executive directors Marinos Gialeli and Thomas Xydas, reconciles own funds to the audited balance sheet (total assets EUR 67.1 million, equity EUR 53.3 million) and refers to the company’s shareholders without naming them. Libertex’s own sites refused our automated requests, so we read the copy kept by the Internet Archive.
- 11 Libertex: reports as per 575/2013 Ar.433 (archived copy) (opens in a new tab)
An archived copy, taken on 8 February 2026, of Libertex’s reports page. It lists the Cyprus company’s Pillar III disclosures for each year from 2016 to 2024, and no other reports. Libertex’s own sites refused our automated requests, so we read the copy kept by the Internet Archive.
- 12 Investor Compensation Fund for IF clients: information (opens in a new tab)
Describes the Investor Compensation Fund for clients of Cyprus investment firms that are not credit institutions. Covered non-professional clients can claim the lower of 90% of their covered claims and EUR 20,000 if a member firm cannot meet its obligations.
- 13 Libertex: security (archived copy) (opens in a new tab)
An archived copy, taken on 21 July 2026, of Libertex’s security page. It says Libertex uses several banks to hold customers’ funds, without naming them. Libertex’s own sites refused our automated requests, so we read the copy kept by the Internet Archive.
- 14 Libertex: terms and fees (archived copy) (opens in a new tab)
An archived copy, taken on 21 July 2026, of Libertex’s terms and fees page. For CFDs it lists commission from 0.0% depending on the underlying asset, variable spreads and overnight swaps (both referred to the specification page), a margin adjustment of up to 0.3% when the account currency differs from the asset’s currency, an inactivity fee of EUR 10 a month after 180 days without activity, free deposits, withdrawal fees by method (free by PayPal and Skrill, 1% by Neteller, EUR 1 by card, 0.5% by bank transfer with a minimum of EUR 2 and a maximum of EUR 10), minimum amounts, and margin and leverage by asset class for retail clients, from 1:30 on major currency pairs to 1:2 on cryptocurrencies. Libertex’s own sites refused our automated requests, so we read the copy kept by the Internet Archive.
- 15 CySEC decision: partial suspension of the authorisation of Indication Investments Ltd (opens in a new tab)
Announced on 3 August 2021: CySEC partially suspended the licence because of suspected breaches of the restrictions on marketing and selling CFDs to retail clients, organisational requirements, the duty to act honestly, fairly and professionally in clients’ best interests, and the duty to give fair, clear and not misleading information. The company was barred from taking new clients and from advertising its services.
- 16 CySEC board decision: settlement with Indication Investments Ltd (opens in a new tab)
Announced on 29 May 2020: a settlement of EUR 160,000, agreed on 9 March 2020 after an on-site investigation in November 2018, for possible breaches of best execution and organisational requirements and of ESMA’s temporary restrictions on CFDs for retail clients, including the 1:30 leverage limit and margin close-out protection. The company paid.
- 17 CVM declaratory acts (stop orders) dataset (opens in a new tab)
Records Ato Declaratório 15.912 of 4 October 2017 against Forex Club International Limited, published on 9 October 2017, and Ato Declaratório 10.635 of 8 October 2009 against Companhia Internacional Forex Club and Forex Club International Business Company.
- 18 Searches of CySEC and CVM records and the Indian and Malaysian alert lists for Libertex companies (opens in a new tab)
On 5 October 2026 we searched CySEC’s 1,173 board decisions, the FCA’s list, the CVM’s declaratory acts, KNF’s lists and the Indian, Securities Commission Malaysia and Bank Negara Malaysia alert lists, and ran web searches for other actions. The findings on this profile are what we found.
- 19 Libertex: list of documents (archived copy) (opens in a new tab)
An archived copy, taken on 15 May 2026, of Libertex’s list of legal documents. It lists the company information, the summary of the conflicts of interest policy, the complaints procedure for clients, the investor compensation fund document, execution quality documentation, the CFDs trading client agreement, the risk disclosure, the summary best interest and order execution policy and the specifics of trading on each platform. It includes no complaint statistics. Libertex’s own sites refused our automated requests, so we read the copy kept by the Internet Archive.
- 20 Libertex: specification (archived copy) (opens in a new tab)
An archived copy, taken on 21 July 2026, of Libertex’s specification page, to which the terms and fees page refers for spreads and swaps. It says only that tight spreads apply and that spreads can be checked in the platform, and announces that Indication Investments Ltd is exiting the UK’s Temporary Permission Regime and no longer accepts clients from the United Kingdom. Libertex’s own sites refused our automated requests, so we read the copy kept by the Internet Archive.
- 21 Libertex: information on the quality of execution, 2024 (archived copy) (opens in a new tab)
An archived copy, taken on 9 February 2026, of Indication Investments’ execution quality statement for 2024. It lists the execution factors, says the company is the only execution venue for CFDs while Vision Financial Markets LLC and EXT LTD execute share orders, that it pays its liquidity providers a volume-based fee and receives no payments from them, and refers to its conflicts of interest policy. Libertex’s own sites refused our automated requests, so we read the copy kept by the Internet Archive.
- 22 Libertex: specifics of trading operations execution in MetaTrader 4 (archived copy) (opens in a new tab)
An archived copy, taken on 31 January 2026, of Indication Investments’ document on how trades are executed on MetaTrader 4. It sets the stop-out level at 50% and describes market execution, pending orders and gaps. Libertex’s own sites refused our automated requests, so we read the copy kept by the Internet Archive.
- 23 Libertex: risk disclosure and warnings notice (archived copy) (opens in a new tab)
An archived copy, taken on 27 November 2025, of Indication Investments’ full risk disclosure for CFDs, to which the risk warning on every page of libertex.com links. Libertex’s own sites refused our automated requests, so we read the copy kept by the Internet Archive.
Something wrong or missing?
Tell us about an error or send evidence. We read every report.